Discounted Cash Flow (DCF) Analysis Unlevered
Canlan Ice Sports Corp. (ICE.TO)
$3.75
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 85.41 | 87.64 | 88.34 | 39.26 | 40.39 | 35.42 | 31.06 | 27.23 | 23.88 | 20.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 13.93 | 14.81 | 14.66 | 2.34 | 7.88 | 5.33 | 4.67 | 4.10 | 3.59 | 3.15 |
| EBITDA (%) | ||||||||||
| EBIT | 6.97 | 7.88 | 6.71 | -5.61 | 0.08 | 0.75 | 0.66 | 0.58 | 0.51 | 0.45 |
| EBIT (%) | ||||||||||
| Depreciation | 6.95 | 6.93 | 7.95 | 7.95 | 7.80 | 4.58 | 4.01 | 3.52 | 3.09 | 2.71 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 18.63 | 19.85 | 15.65 | 6.98 | 12.03 | 7.77 | 6.82 | 5.98 | 5.24 | 4.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.05 | 3.36 | 2.93 | 2.43 | 2.30 | 1.60 | 1.40 | 1.23 | 1.08 | 0.95 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.09 | 1.10 | 0.87 | 0.66 | 0.49 | 0.45 | 0.40 | 0.35 | 0.31 | 0.27 |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.36 | 3.49 | 3.74 | 1.52 | 1.71 | 1.43 | 1.26 | 1.10 | 0.97 | 0.85 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.83 | -5.90 | -21.88 | -1.45 | -0.52 | -2.99 | -2.62 | -2.30 | -2.01 | -1.76 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.75 |
|---|---|
| Beta | 1.045 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | 57.11 |
| After-tax Cost of Debt | 2.05% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.498 |
| Total Debt | 55.02 |
| Total Equity | 403.07 |
| Total Capital | 458.09 |
| Debt Weighting | 12.01 |
| Equity Weighting | 87.99 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 85.41 | 87.64 | 88.34 | 39.26 | 40.39 | 35.42 | 31.06 | 27.23 | 23.88 | 20.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 13.93 | 14.81 | 14.66 | 2.34 | 7.88 | 5.33 | 4.67 | 4.10 | 3.59 | 3.15 |
| EBIT | 6.97 | 7.88 | 6.71 | -5.61 | 0.08 | 0.75 | 0.66 | 0.58 | 0.51 | 0.45 |
| Tax Rate | 24.85% | 19.86% | 35.44% | 22.90% | 57.11% | 32.03% | 32.03% | 32.03% | 32.03% | 32.03% |
| EBIAT | 5.24 | 6.32 | 4.33 | -4.33 | 0.03 | 0.51 | 0.45 | 0.39 | 0.35 | 0.30 |
| Depreciation | 6.95 | 6.93 | 7.95 | 7.95 | 7.80 | 4.58 | 4.01 | 3.52 | 3.09 | 2.71 |
| Accounts Receivable | - | -0.31 | 0.43 | 0.50 | 0.14 | 0.70 | 0.20 | 0.17 | 0.15 | 0.13 |
| Inventories | - | -0.01 | 0.23 | 0.21 | 0.17 | 0.04 | 0.06 | 0.05 | 0.04 | 0.04 |
| Accounts Payable | - | 0.13 | 0.24 | -2.22 | 0.19 | -0.27 | -0.18 | -0.15 | -0.14 | -0.12 |
| Capital Expenditure | -4.83 | -5.90 | -21.88 | -1.45 | -0.53 | -2.99 | -2.62 | -2.30 | -2.01 | -1.76 |
| UFCF | 7.37 | 7.16 | -8.70 | 0.66 | 7.81 | 2.56 | 1.92 | 1.68 | 1.48 | 1.30 |
| WACC | ||||||||||
| PV UFCF | 2.38 | 1.66 | 1.35 | 1.10 | 0.89 | |||||
| SUM PV UFCF | 7.37 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.72 |
| Free cash flow (t + 1) | 1.32 |
| Terminal Value | 23.09 |
| Present Value of Terminal Value | 15.92 |
Intrinsic Value
| Enterprise Value | 23.29 |
|---|---|
| Net Debt | 42.99 |
| Equity Value | -19.69 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | -0.18 |